Basic Banking Regulations To Know If You Are An NRI

The Foreign Exchange Management Act (FEMA) has laid down various regulations for NRI banking and financial transactions. Here are a few of them.

NRI Bank Account

NRIs cannot maintain or operate a resident savings account in India. They will have to open an NRE/NRO savings account for their banking needs.

Investment options

NRIs can invest in most of the avenues available in India except for saving schemes offered by the government like PPF.

Property investments

NRIs can buy any type of movable or immovable property except farmhouses, agricultural or plantation lands.

Foreign remittances

NRE funds can be freely and fully repatriated from India to abroad. However, for NRO funds, there’s a limit of USD 1 million in a financial year. 

If you are an NRI or are about to become one, keep these bank rules and regulations in mind for effective transactions back home.

For seamless NRI banking, choose IDFC FIRST Bank. Get a choice of NRI accounts with a dedicated relationship manager along with other privileges.